What the papers say

British forces will pull out of Germany for good, nearly 70 years after the Allied victory in the Second World War, as part of a defence "revolution" being drawn up by the Conservatives.

England's wettest day on record claimed the life of a policeman and left hundreds of people homeless yesterday as forecasters warned that the "Biblical" downpour was not over.

Europe's new foreign policy chief was the fourth choice British candidate for the job, it emerged yesterday.

City:

Gartmore, the asset manager, has resurrected plans for an initial public offering that is expected to value the company at close to £1bn and deliver multi-million pound windfalls to key fund managers and directors.

Private equity giant Blackstone is gambling on an audacious eleventh hour intervention in the massive £2.5bn debt restructuring at beleaguered bookmaker-to-bingo group Gala Coral.